Due to the continuous increase in the prices of petrol and diesel, the government is under great pressure to cut their prices. To get relief from their increased prices, there is a demand to bring them under the purview of GST. Recently, the Prime Minister and then the Chief Economic Advisor Krishnamurthy Subramaniam also advised to bring it under the purview of GST. Before this, Petroleum Minister Dharmendra Pradhan has also suggested this. However, Finance Minister Nirmala Sitharaman has described it as religious. Now SBI economist Soumikanti Ghosh has said that after being brought under the ambit of GST, the price of petrol and diesel can come to Rs. 68.
Petrol and diesel fall in GST, 0.4% loss to GDP
Saumyakanti Ghosh has said in his assessment that petrol and diesel and the state governments will only incur a revenue loss of one lakh crore rupees which will be 0.4 percent of GDP. This assessment has been done based on the price of crude oil in the international market at $ 60 per barrel and a dollar-rupee exchange rate of 73 rupees per dollar. Both the central and state governments impose their tax on petrol and diesel. States apply VAT on petrol and diesel as per their requirement. The center imposes excise duty. With this, the center's cess is put on it. In some parts of the country, the price of petrol has reached 100 rupees a liter.
Saudi Arabia turned down India's request
Meanwhile, OPEC has ignored India's plea to lift applicable controls on crude oil production. At the same time, there has been an increase in the price of crude oil in the international market. Saudi Arabia has told India that it can use the crude oil it bought at the time when the price of crude oil went down significantly last year. Brent crude oil, which is the most used crude oil, rose nearly one percent to $ 67.44 a barrel on Friday.
Petroleum Minister Dharmendra Pradhan appealed to OPEC countries to reduce the restrictions imposed on production to bring stability in the price of crude oil. He believed that due to the rising crude oil prices in the international market, both the improvement in the economic sector and the demand are having a bad effect.
SBI Research: Golden opportunity for India to fix issues on G20 presidency agriculture subsidies
Getting the presidency of the G20 is a golden opportunity for India to fix the long-standing stal
The matter of Central Vista has once again reached the Supreme Court. The Delhi High Court's deci
New Delhi. Vaccination In India: Corona vaccination campaign is also going on to prevent infectio
Rupee at All-time Low: Rupee closed at a historical low, closed at 77.73 against one dollar
Rupee at All Time Low: The fall in the rupee against the dollar is not taking its name. The India
Maharashtra: CAG will audit the works of BMC, CM Shinde orders, trouble may arise for Uddhav
Another trouble may arise in front of Uddhav Thackeray in Maharashtra. In fact, Chief Minister Ek
The CBI on Tuesday raided the house of Karti, son of former Union Minister P Chidambaram. These r
Chandrayaan-3: Indian Space Research Organization (ISRO) launched Chandrayaan-3 on 14 July. It wa
Uddhav Thackeray's petition against the snatching of Shiv Sena's name and symbol was not heard in
A sensational case similar to that of Atul Subhash of Bangalore has come to light in Delhi. Woodb
Imran Khan said - look at India, what has happened, Allah's work on us
Pakistan Prime Minister Imran Khan has said on Tuesday that if Pakistan does not increase exports
